Security axis

Japanese telecoms giant NTT is to take over Germany's Integralis AG in a deal that values the security VAR at €75m.

NTT Communications Corp, a subsidiary of NTT, will pay €6.75 per share for Integralis, a 70 per cent premium over the VAR's three month average share price, and a 35 per cent premium over its price at closing yesterday. The deal is expected to close sometime in September.

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NTT said the buy would allow it to offer a "market leading security services platform" to its customers, including, for example, the ability to service NTT customers 24 hours a day from its network of security operation centres.

Integralis will become a "lead global IT security unit" within NTT. And of course, it gets more direct access to NTT's massive customer base.

NTT seems to have a bit of a thing about German tech VARs. Last year, NTT Data took majority stakes in SAP specialist itelligence, and in erstwhile BMW consulting unit Cirquent. NTT said both of its purchases had "performed very well".

Integralis' most recent figures showed sales up 6.7 per cent to €42m, delivering an operating loss of €300,000, and break even after tax.

At the time, it said it predicted "an encouraging outlook" while adding 2009 would be a "year of transition". Though perhaps this isn't quite as drastic a transition as shareholders were expecting. ®